Woman Realizes Even a $2,300 Per Month Rent Budget is NowToo Low For New York City
New York has always been one of the world's most expensive cities but the current scenario is getting out of hand with rents and grocery costs at an all-time high. If there's one thing that can unite every NYC resident, then it has to be the sky-high rent rate of the city. Vivienne Armacost, a TikTok user took to the popular video-sharing platform to express her dismay. She moved to the Big Apple from Indiana to pursue a career in consulting and realised that her rent budget was too low for living in the city.
"I’m embarrassed to say my budget is $2,300 when I’m talking to brokers or people leasing apartments," she says in a viral TikTok from late 2023. Someone told her that the amount she was carrying was "pretty low" and there was a really low chance of her finding a place within her set budget.
Her budget is quite high for someone in her 20s and looking to rent a house for the first time, but the leasing agent informed Armacost that $2,300 would still limit her options too much as the median monthly rate in the city is around $4,634 in 2024, as per Rent.com. Most of the city's residents are currently under stress because of the steep renting prices. This means that people are spending more than 30% of their income which is the recommended percentage on rents, as per experts.
Data also shows that the city's population is down by 5.3% since the pandemic and the partial reason was that residents were moving to cheaper pastures. More and more people are failing to afford California as well as New York City in 2024. They are looking at the South and Midwest where the prices are comparatively modest with a good standard of living.
A user said that the best decision they ever made was moving to New Jersey, since she could afford a house with a garage and backyard for $1,700 a month out there. She then adds how New York is simply not “worth it anymore” for them. While another user writes, "I have an entire house with a huge yard garage three car driveway for that price in Staten Island. Lol, you city people are brave."
Another user consoled the OP and said that there was nothing to be embarrassed about the situation because it means that her parents probably aren’t paying your rent. One person talked about how it is a pretty illogical decision to pay such high rent in NYC, "Why are you paying that price when right across the water, you can get a 3-bed room for that price! And you take the bus across the bridge for $5."
Many factors should be considered when deciding to move to a place. Some say that New York City's benefits outweigh the challenges. According to HousingAnywhere, a good salary to live in the city is around $90,000. Many people say that living in the outer boroughs can save you some money but of course, that has a few downsides, like fewer Broadway plays, clubs, job opportunities, and museums.
The fact that the rent in the city is only getting higher is making more and more people second-guess their decision to love NYC.
